Seoul-based electronic giants – LG Electronics – has announced the launch of its non-fungible token (NFT) marketplace – LG Art Lab – which potentially opens up NFT acquisition to a wider audience. The latest platform is based on the Hedera blockchain and users will be able to explore, buy, sell and trade NFTs on LG’s smart television sets.


LG Art Lab will also incorporate onscreen QR codes to enable users to make transactions through LG’s crypto wallet for smartphones, called Wallypto, which is also built on the Hedera blockchain. After an NFT is purchased, it can be traded on the LG Art Lab Marketplace. Users will be also be able to view their transaction history as well as look at their own artwork.


At a press conference earlier this year, LG had first hinted towards incorporating NFT features into its smart TV. The move to partner Hedera for a non-fungible token (NFT) integration comes naturally as the South Korean electronic company joined the Hedera Governing Council back in May 2020.


LG became the sole home appliance manufacturer to be roped in as a member of the council of tech giants, some of which include – Google, Deutsche Telekom, IBM and IIT, among others. The partnership essentially aims to show that distributed ledger technology can mutually benefit consumers and supply chain partners by facilitating seamless transactions.


LG’s NFT foray follows its competitor – Samsung Electronics – announcing plans of potentially integrating NFTs within its new TVs at the CES trade show in January 2022. Three months later, Samsung added NFT functionality to its smart TV sets. According to the announcement, Samsung intends to compile data from multiple marketplaces and provide information about the artwork thereby becoming the first electronics company to put NFTs into TV sets.


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